Articles

Italy’s Employment Visa Program
by Corrado Scivoletto, Studio Legale Monaco e Associati, Italy

 

Italian Law does not set forth any scheme similar to an Investor Program, as disciplined - with substantially consistent features - in other jurisdictions.

 

As a matter of fact, the capacity or the intention to make business investments does not qualify, per se, an individual to apply for a specific visa: rather, a given financial capacity is considered as a pre requirement to apply for almost all kinds of visas.

 

Two types of visas might be considered relatively “close” to the scheme at stake: (a) elective residence visa; (b) self-employment visa.

 

A. The elective residence visa can be applied for by any foreign individual (non-EU citizen) who has sufficient means to stay in Italy without the need to carry out any working activity.

 

Evidence of the sufficient means must be given by providing appropriate documentation concerning (jointly):

 

-          the availability of a dwelling-place in Italy, wherein residence can be elected;

-          the availability of autonomous and conspicuous financial means arising from:

o        annuities or pensions; and/or

o        ownership of real estates; and/or

o        ownership of commercial of financial businesses; and/or

o        other means different from those arising from subordinated work activities;

-          guarantees of the continuing availability of the above means in the future.

 

As an average, the elective residence visa has an initial duration of two years, and can be renewed each time for a similar duration. After holding this visa for 5 years (like all other types of long-term visas), the applicant can obtain a “permit of stay for long term foreign residents”, which is released for an open ended duration.

 

Spouse and/or children minor of age (or of age, provided in such case they live with the applicant and are still dependants on this latter) and/or parents of the applicant (provided they live with the applicant) can apply for a similar visa, in order to accompany or join the applicant, provided that the above listed means are sufficient also for all additional family members.

 

As mentioned above, the holder of this kind of visa is not bound to carry out any specific business investment while in Italy.

 

B. The self-employment visa can be applied for by any foreign individual (non-EU citizen) who intends to carry out in Italy, inter alia, an industrial or professional or commercial activity, or intends to set-up a corporation and/or to hold corporate offices within a corporation established in Italy.

 

This kind of visa can be released only within the threshold of the quotas that are established on a yearly basis by the Government (closed market rule). This visa has an initial duration of maximum two years, and can be renewed each time for a similar duration.

 

In order to obtain this type of visa, the applicant must give evidence of the following:

 

-          having the necessary authorisations, clearances, licenses, etc., if the activity to be performed requires a previous kind of authorisation under Italian law;

-          having initial financial means at least equal to € 4,752 per year (in case the applicant intends to hold offices in a corporation, or to perform activities pursuant to a work contract with a principal, the corporation and or the principal must submit a statement in which they engage to pay to the applicant the amount agreed upon for such office or activity, and must submit evidence of their financial capacity to comply with such engagement);

-          having the availability of a suitable accommodation (evidence of which is given by means of a contract of purchase or rent of a real estate, or by means of a statement by an individual legally resident in Italy who undertakes to provide the applicant with a suitable accommodation).

 

The above pieces of documentation/applications for licenses, authorisation etc. must be filed in Italy – normally through an attorney-in-fact – in order to obtain a previous authorisation to work, which is released by the local Police Office (subject to the availability of the yearly quotas).

 

The authorisation to work is then submitted to the Italian Consulate territorially competent with respect to the place of (foreign) residence of the applicant: upon exhibition of the authorisation to work, the Italian Consulate releases the visa, which allows the holder to legally enter in Italy.

 

Even in this case, the holder of this visa is not bound to make any particular kind of investment in Italy.